If you’re interested in flipping houses just remember there’s more to it than you think – and see – on the likes of HGTV’s Flip or Flop and Fixer Upper. Don’t go in without doing your research first says our expert Realtor Deb Sarsany of The Deb Sarsany Team at The Real Estate Group.
If you want to flip a house don’t expect to find a cheap place online, buy it, flip it and sell for a profit. It doesn’t quite work like that. You should find someone who is successful at flipping houses and ask them if they are willing to provide their experience and knowledge before you get started – and along the way. You’ll find it extremely helpful to have someone that is familiar with the legal, accounting and construction ramifications of flipping houses. You’ll need a great Realtor, contractor, accountant, home inspector and insurance agent.
If you need a mortgage to purchase the property you’ll need to secure a favorable interest rate – find a great mortgage lender who you can work with on a regular basis – someone that will get back to you quickly and is genuinely interested in your venture.
If you’re not interested in getting dirty, or spending evenings sanding, painting, cleaning, possibly learning on the job and doing some of the renovation yourself, to keep costs down, then maybe flipping homes isn’t for you. Those individuals, who are comfortable with changing a faucet, installing a countertop, basic plumbing, etc., often achieve the most successful flips.
Speak with your Realtor to find the right listings, areas, and any foreclosures in the area you are hoping to purchase to flip. Your Realtor will have a good lay of the land. If you are purchasing a property to flip you need to know which characteristics should remain in the home, the number of bedrooms and bathrooms for the square footage, and comparisons for the area. You’ll also want to take note of the school district, parks and amenities close by, and any plans for construction or development in the area.
You need to know how to budget. When you’re flipping a house to make money and underestimate the costs associated you may lose out. Read up on materials, construction codes, and cost of labor.
Perhaps one of the most important traits you need is patience. Don’t go for the first house you see. Don’t get emotionally attached to the home and end up paying more than you intended for a property you won’t be living in.
One of the keys to being successful at flipping houses is knowing where to cut costs and save money. You’ll need to be savvy.
For more information about the Deb Sarsany Team at The Real Estate Group visit: facebook.com/debsarsanyteam or call (217) 313-0580.